Britain’s election authorities are to investigate whether insurance entrepreneur Arron Banks broke the law, when he spent millions of pounds on the Brexit campaign.In a statement on Wednesday, the Electoral Commission said it would investigate both Mr Banks and Better for the Country Limited – a company which he was a director of, and which donated £2.4m to Brexit campaign groups.

It is already investigating Leave.EU, the campaign group set up by Mr Banks and backed by former UK Independence party leader Nigel Farage. Mr Banks loaned £6m to Leave.EU, making him the biggest single financial backer of Brexit.

The Commission said it would look at questions including “whether or not Mr Banks was the true source of loans reported by a referendum campaigner in his name”, and “whether or not Better for the Country Limited was the true source of donations made to referendum campaigners in its name, or if it was acting as an agent”.

Mr Banks responded on Twitter, “Gosh, I’m terrified.”

Pressure for an inquiry has risen, with a Labour MP Ben Bradshaw raising the possibility of Russian interference in the referendum campaign. A Financial Times investigation revealed the complexity of Mr Banks’ business interests earlier this year.

(Photo: Jonathan Brady/PA Wire)

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